India’s 2024 Car Sales Trends: EVs, CNG, and Petrol-Diesel Insights

Current Car Sales Statistics and Trends in India - 2024 Overview

The Indian automobile market is showcasing remarkable growth and transformation in 2024, driven by shifting consumer preferences, government policies, and the rise of electric vehicles (EVs). Here’s a detailed review of the current trends and performance of key car segments in India:

Car Sales Performance in 2024

• Passenger Vehicles (PV): Passenger vehicle sales reached 42.18 lakh units in FY24, marking an increase from the previous fiscal year’s 38.9 lakh units. SUVs have emerged as a major driver of growth, with brands like Maruti Suzuki, Hyundai, and Tata Motors capitalizing on consumer demand for compact and midsize SUVs.
• Electric Vehicles (EVs): The EV segment saw significant momentum, with Tata Motors leading the charge. Tata sold over 73,833 EVs, contributing 13% to its total sales. EV adoption continues to rise, fueled by both consumer interest and government incentives.
• Key Players: Hyundai recorded its best-ever sales with 6.14 lakh units, an 8.31% increase from the previous year. Maruti Suzuki’s SUV portfolio expanded rapidly, with models like the Grand Vitara driving a 75% surge in its utility vehicle (UV) sales.

Emerging Trends

1. SUV Dominance: SUVs now make up a large portion of the PV market. Models like the Hyundai Creta, Tata Nexon, and Mahindra Scorpio are among the top sellers, highlighting a growing preference for utility vehicles over sedans and hatchbacks.
2. Electric Revolution: The EV segment is becoming mainstream, with brands such as Tata and Mahindra introducing more models. Increasing urban demand and fleet purchases are accelerating the shift towards electric mobility.
3. Rising CNG Adoption: Consumers are also gravitating towards CNG models due to rising fuel prices. Tata Motors has responded to this demand with multiple CNG options in its lineup, complementing its electric offerings.

Challenges and Opportunities

While the industry has experienced substantial growth, supply chain disruptions, particularly in microchip availability, continue to pose challenges. However, manufacturers are optimistic, expecting robust sales through 2024, supported by favorable economic conditions, festive season demand, and evolving consumer financing schemes.

Overall, the Indian car market in 2024 reflects a dynamic mix of traditional vehicles and futuristic trends like EVs, with manufacturers adapting quickly to changing market demands. As urban mobility evolves, the focus on sustainable and fuel-efficient vehicles is set to grow further.